Barack Obama was re-elected president of the United States in a close election that portends that current policies will be maintained.
This includes healthcare reform and implementation of the Dodd-Frank financial services reform law.
It also means that consolidated regulation of insurance companies which operate thrift holding companies will proceed. Implementation will likely be delayed beyond Jan. 1, and revisions in the proposed rules, which insurance companies universally oppose, are likely. The Fed might even postpone implementation until 2015; however, there ultimately will be consolidated regulation of insurance companies by the Federal Reserve Board, with or without congressional debate.
The election could have implications for the Terrorism Risk Insurance Act as well, which expires Dec. 31, 2014. Lehrer says, “Any sort of TRIA reauthorization faces a real struggle and I would doubt that the program will survive in its current form. That said, the very nature of the terrorist threat means that something, somewhere will probably continue to exist.”